Review of credit cards

financialbliss

Hi,

I became mortgage free in September 2012 – in the final 18 months or so, slow stoozing on credit cards, paying minimum balances and using freed up cash to overpay or save for mortgage.

One year on, I have the following three credit cards and looking to do a top to bottom review of credit cards we hold.

• Barclaycard (was Goldfish) : Balance +£0.50 – Credit limit £5,000 (Was £10k – I reduced limit to help get other cards)
• Nationwide select : Balance £4,000.00 – Credit limit £11,400
• Natwest : Balance £3,500 – Credit limit £5,250

Barclaycard – Was credited with £50 as a goodwill gesture when attempting to close it.
Nationwide – Paying balance off within the next 7 days as the 0% interest free period ends.
Natwest – 0% interest period ends in January 2014, aiming to clear this before Christmas.

We pay our cards off in full and are looking for cash back credit cards. We spend between £750 to £1,000 per month on credit cards. I’ve read the cash back article by the way – just looking for some personal suggestions!

Previously has American Express, Asda, Tesco and Virgin cards for various offers.

Could anyone suggest a cards or cards to go for – I’m looking for at least two cards and I’m probably going to keep the Nationwide select card open for use abroad.

May end up with the Santander 123 current account – I’m going to do a similar exercise for current and savings accounts, so don’t know if that may bring the Santander credit card into play - at least for first 12 months?

Thanks,
Financial Bliss

MPH80

So - and this is a genuine question - what do you hope to get from the personal recommendations?

Are you interested in customer service experience ... promotions ... cashback earning ... payout?

That'll help people provide helpful comments rather than untargetted 'I use an AmEx' type comment.

It would also be sensible if you can work out the breakdown of your spending as that'll help you determine which card makes the most sense for you.

M.

financialbliss

MPH80 wrote: »

So - and this is a genuine question - what do you hope to get from the personal recommendations?

Fair question. Comparing, say, MSE with a comparison site where you can compare credit cards, there is clearly lots of choice for cards. Eg: http://www.comparethemarket.com/credit-cards/

I was wondering if some companies not listed on the MSE credit cards page would get a mention, thus sending me off researching those...

MPH80 wrote: »

Are you interested in customer service experience ... promotions ... cashback earning ... payout?

I keep with T&Cs and credit limits, so I very rarely need to call credit card companies. I'm more inclined to say promotions and cashback earning potential.

MPH80 wrote: »

It would also be sensible if you can work out the breakdown of your spending as that'll help you determine which card makes the most sense for you.

The main spends are (monthly):
Supermarkets: ~400.00
Department stores: 25.00
Fuel/transport: 70.00

Usually spend less than £10k on credit cards per year.
Looking here: http://www.comparethemarket.com/credit-cards/cashback/

it suggests that the best deal for spending for me may actually be the Amex Platinum cashback everyday card as also mentioned on MSE.

We will spend at least £3500, so I'm assuming we would get at least 1% cashback on the Amex. Should be able to get the 1.25% rate too, but this may depend to an extent on retailers that take the Amex card.

Other than that, I was also looking at the Santander and ASDA cards, but hadn't spotted that the ASDA card details 0.5% "everywhere else", so providing retailer takes Amex, it may be the better option.

Assuming I should aim for 1% cash back or more? Looks like 0.5% easily attained via Capital One card, so they as you say, just need to balance out customer service and other introductory bonuses.

Had an Amex card before and their customer service on the one or two times I called them were excellent!

Thanks for taking the time to reply.
FB.

bigadaj

There's 5% cash back on the Amex on the first 2k for three months so long as you spend 3k in the first year so would be the best by fat in cash terms.

adindas

financialbliss wrote: »

Hi,

I became mortgage free in September 2012 – in the final 18 months or so, slow stoozing on credit cards, paying minimum balances and using freed up cash to overpay or save for mortgage.

One year on, I have the following three credit cards and looking to do a top to bottom review of credit cards we hold.

• Barclaycard (was Goldfish) : Balance +£0.50 – Credit limit £5,000 (Was £10k – I reduced limit to help get other cards)
• Nationwide select : Balance £4,000.00 – Credit limit £11,400
• Natwest : Balance £3,500 – Credit limit £5,250

Barclaycard – Was credited with £50 as a goodwill gesture when attempting to close it.
Nationwide – Paying balance off within the next 7 days as the 0% interest free period ends.
Natwest – 0% interest period ends in January 2014, aiming to clear this before Christmas.

We pay our cards off in full and are looking for cash back credit cards. We spend between £750 to £1,000 per month on credit cards. I’ve read the cash back article by the way – just looking for some personal suggestions!

Previously has American Express, Asda, Tesco and Virgin cards for various offers.

Could anyone suggest a cards or cards to go for – I’m looking for at least two cards and I’m probably going to keep the Nationwide select card open for use abroad.

May end up with the Santander 123 current account – I’m going to do a similar exercise for current and savings accounts, so don’t know if that may bring the Santander credit card into play - at least for first 12 months?

Thanks,
Financial Bliss

For cashback
- Aqua Card 3% cash back maximum £100 a year
- Halifax clarity card £5 reward (net) if your spending is over £300 within statement month which from your info you do
- It seems your nationwide credit card is select credit card, you get unlimited cashback - 0.5% on all sterling purchases**so you do not need to look further for 0.5% cash back.
- I do not like AMEX as the 5% cashback is just for the first three month.

rb10

adindas wrote: »

For cashback
- Aqua Card 3% cash back maximum £100 a year

No longer available to new customers.

adindas wrote: »

- Halifax clarity card £5 reward (net) if your spending is over £300 within statement month which from your info you do

A good card for the first £300 of monthly spending.

Make sure you get the Clarity Reward card, which I believe is currently only available in branch or by phone.

financialbliss

rb10 wrote: »

A good card for the first £300 of monthly spending.

Make sure you get the Clarity Reward card, which I believe is currently only available in branch or by phone.

:beer:Thanks rb10. I make that £60 cash back on a spend of £3,600 a year or 1.67%

I'll check in branch on Monday - there's a Halifax around the corner from me at work.

FB.